Up and Down Wall Street

This Time, Gold Bugs May Have a Point

Stocks are for lovers and gold is for haters. That's how one especially supercilious strategist (is there another kind?) sizes up the two markets, and it's clear he's been feeling the love lately. Stocks are at new highs in the U.S. and many other venues, while Japan's market is strapped to a rocket ship, all propelled by money fresh off the printing presses of the world's central banks.

Fans of the yellow metal, meanwhile, are feeling rather battered and bruised these days from the beating they've taken over the past...